• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 13 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 3 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours Chevron to Boost Spend on Quick-Return Projects
  • 19 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 11 hours UK, Stay in EU, Says Tusk
  • 2 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 1 hour Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It's Exist
  • 4 hours Conspiracy - Theory versus Reality
  • 16 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day Venezuela continues to sink in misery
  • 1 day Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 hours Regular Gas dropped to $2.21 per gallon today
Alt Text

Bearish Bets On Diesel Tell A Worrying Story

Negative sentiment is growing in…

Alt Text

There’s No Sugarcoating Canada’s Oil Crisis

Beyond heavy oil production in…

Alt Text

Profit Taking Ends Massive Rally In Crude

A bout of profit taking…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Hefty Inventory Draw Boosts Oil Prices

A day after the American Petroleum Institute helped push crude prices even higher by estimating a 9.228-million-barrel draw in U.S. crude oil inventories, the EIA confirmed the draw, at 9.9 million barrels for the week to June 22.

This compares with a draw of 5.9 million barrels reported for the prior week and analyst expectations for a draw of 5.1 million barrels.

Amid stubbornly rising oil prices despite the OPEC+ decision to add close to 1 million bpd to global supply, the EIA also reported an increase in gasoline inventories of 1.2 million barrels. That compares with a 3.3-million-barrel increase in gasoline inventories reported for the previous week.

Refineries processed 17.8 million barrels daily last week, with gasoline production at an average 10.1 million bpd, slightly higher than a week earlier.

Distillate inventories remained unchanged, compared with a 2.7-million-barrel increase a week earlier. Production averaged 5.4 million barrels daily, down slightly from 5.5 million barrels daily a week earlier.

Oil prices have remained highly volatile after OPEC’s meeting in Vienna, not least because traders expected a bigger cut but also because the U.S. State Department has increased the pressure on its international allies to stop importing crude oil from Iran. Related: Korea Rapprochement Could Revive Energy Megaproject

Despite President Trump’s tweet campaign against OPEC, in which he accused the cartel of “artificially” keeping prices high, it is now Washington’s determination to cut Iran’s access to international oil markets that is adding fuel to the price rally.

Analysts are already revising their estimates of the supply outage that will result from the entry into force of U.S. sanctions in November, and refiners from Asia are starting to reduce their shipments from Iran.

Additionally, a power outage at a Syncrude oil sands mine in Canada and a spike in oil export uncertainty in Libya have contributed to the higher prices, basically erasing the knee-jerk price decline from last week as the market anticipated OPEC’s decision.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • rjs on June 28 2018 said:
    headline says "boosts oil prices" yet not a mention of how much or what prices ended at in the article...

    also missed the big story, record oil exports: https://rjsigmund.files.wordpress.com/2018/06/june272018crudeexportsweekendingjune23rd.jpg

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News